Third-party logistics firm Stonepath Group has acquired Seattle-based Global Transportation Services (GTS), an international air and ocean logistics provider.
. Philadelphia-based Stonepath said the purchase price was $5 million in cash at closing, plus up to an additional $7 million in purchase consideration payable over a five-year earn-out arrangement based upon the future financial performance of Global.
Founded in 1985, GTS provides international transportation and logistics solutions and serves a customer base of manufacturers and national retail chains through their operating locations in key U.S. cities. In 2001, Global had revenues of $45 million.